Broadbank Group adds boutique retailer to worldwide stable.

 

Boutique stationery retailer kikki.K has been thrown a financial lifeline for the second time following an offer to administrators from the Brandbank Group.

 

The Swedish-inspired retailer has filed for voluntary administration twice in two years, the first in March 2020 and then in August this year. 

 

The company was initially saved by Texas-based business, Erin Condren Designs, in June 2020, but was forced into administration again as the pandemic sucked the life out of the business..

 

According to the Australian Financial Review, kikki.K’s assets were worth $6.6 million, but creditors were owed about $15 million. Up to $2.2 million was owed to employees, while unsecured creditors had $12.7 million owing and the business also owed statutory creditors, such as the Australian Tax Office, $45,577. 

 

According to Brandbank Group, most head office, retail and online employees will retain their jobs, and approximately 30 stores will remain open.

 

“We are delighted to have Kikki.K join our stable of world-class brands,” Brandbank Group chief executive David Thomas, said.

 

“We’re looking forward to expanding the online store, re-energising the retail store network as lockdown restrictions are lifted, improving the customer experience and exploring medium-term international opportunities for kikki.K,” he said.

 

Brandbank Group owns several other retail brands, including Seed Heritage, French Connection, Commonry and allkinds. 

 

The company also has retail interests in New Zealand, Hong Kong, the US, Singapore and Canada.